Check Your Credit Score for Free Whenever You Want With These 7 Services (But There’s a Catch)

Checking your credit score may not be part of your daily financial routine, but when you apply for new credit, such as a loan or credit card, your credit score is critical in determining whether you get approved and what interest rate you pay. Fortunately, you can check your credit score for free using several online services and financial institutions.

When you review your score, you can check it for errors and dispute them. A correction can significantly boost your score. You’ll also see what activities have helped your credit score and where you need improvement. Some services provide your VantageScore, while others provide your FICO credit score, which is the metric most creditors and lenders use to determine eligibility and rate.

Who Provides Free Credit Scores?

More and more credit services and financial institutions offer free credit scores, but there are distinctions among them:

• Credit Karma: Once you sign up for a free account, Credit Karma pulls your information from Equifax and TransUnion to display your VantageScore.
• Experian: Create a free account and get access to your FICO score every day.
• Equifax: Sign up for a free account and get your credit score for free once a year, or use the link to annualcreditreport.com to see your Equifax score for free once a week.
• myFICO: Choose a free plan to get your FICO score through Equifax, along with your credit report.
• VantageScore: Not surprisingly, VantageScore provides your VantageScore, but you’ll have to select a provider from the links on its website. For instance, get your free VantageScore through Lending Tree, Nerdwallet, or Credit Sesame.
• Banks and credit unions: Larger banks or community credit unions may provide free access to your credit score if you use certain products or services of theirs. Usually, you can log into your account and click on a free credit score link.
• Specific credit card issuers: Many credit cards offer the ability to see your credit score. For example, American Express allows you to view your FICO score through a program called MyCredit Guide. Discover gives access to your FICO through Credit Scorecard, while Capital One provides Vantage Scores and FICO Score 8 through CreditWise.

Why Do Lenders Use FICO Scores?

Most banks and lenders prefer to use FICO scores because they provide a standardized, objective, and reliable way to assess a borrower’s credit risk. Additionally, FICO scores have been in use since 1989, whereas VantageScore was introduced in 2006. Lenders generally prefer better established methods of credit evaluation.

Is It Worth Checking My VantageScore?

You might wonder why people use VantageScore at all, given that 90% of lenders prefer to use FICO. A key reason is that VantageScore can generate a score for people with a limited credit history, which helps lenders determine their creditworthiness. Since it weighs credit factors differently, VantageScore is able to produce a credit score within just one or two months of a person opening their first credit account, compared to six months needed for a FICO score.

VantageScore also excludes medical debt and has a more lenient approach to people who have experienced a natural disaster. So, if your FICO score is lower than you expected, check your VantageScore to see if it’s more favorable.

If you’ve asked potential lenders or landlords which credit model they use and found one that uses VantageScore, make sure you know your score.

The Bottom Line

Regularly checking your credit score can help you manage your credit and finances. Ideally, you want your score to be at least 670—the higher the better. If your score could use improvement, review your credit report for errors and dispute them, as errors can negatively impact your score. Then, make it a priority to pay down debt, while making your other minimum payments on time. Avoid applying for new credit until your score improves, which can take several months.